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Golden Birch Resources Inc. Announces Close of First Tranche of Private Placement
TIMMINS, ON / ACCESSWIRE / May 14, 2020 / Golden Birch Resources Inc. (CSE:GBRX) ("Golden Birch" or the "Company") announces that, in connection with its previo
About this update from Loyalist Exploration Limited
[{"type":"text","content":" TIMMINS, ON / ACCESSWIRE / May 14, 2020 / Golden Birch Resources Inc. (CSE:GBRX) (\"Golden Birch\" or the \"Company\") announces that, in connection with its previously announced private placement (the \"Offering\"), the Company has completed the first tranche (\"First Tranche\") of the Offering. The Offering is composed of the sale of units (\"Units\") of the Company at a price of C$0.15 per Unit. Each Unit shall consist of one common share in the capital of the Company (\"Share\") and one Share purchase warrant (\"Warrant\"). Each whole Warrant shall entitle the holder to purchase one additional Share at an exercise price of C$0.20 per Share, for a period of five (5) years from the date of issuance. The First Tranche consisted of the sale of 7,500,000 Units for aggregate gross proceeds of C$1,125,000. It is presently anticipated that closing of the second and final tranche (the \"Second Tranche\") of the Offering will occur on or around June 8, 2020. In connection with the closing of the First Tranche, the Company has agreed to pay to IBK Capital Inc. (\"IBK\") a commission of (i) C$101,250, payable in cash; and (ii) 750,000 broker warrants to purchase Units (\"Broker Warrants\"), with each whole Broker Warrant entitling the holder to purchase one additional Unit at price C$0.15 per Unit, for a period of five (5) years from the date of issuance. Alan Martin, President and CEO of Golden Birch stated: \"The Company is excited to close this first tranche of the financing through the support of IBK and it welcomes the introduction of new investors to its register. As previously announced in its news releases, the Company's flagship property, the Keveri Project, is located in the southeastern part of the Papuan Fold Belt which is host to known1 porphyry copper-gold deposits in Papua New Guinea (\"PNG\"), as shown in Figures 1, 2 and 3 below. The presence of northeast (NE) transfer faults and their intersection with northwest-southeast arc parallel faults within the Keveri Project provide a similar geologic environment that exists for copper-gold porphyry deposits found within the Papuan Fold Belt in PNG. Exploration by the Company to date has uncovered three priority targets within the Keveri Project being Omu, Waki, and Daru-Araboro.\" Figure 1: Copper and gold deposits of Papua New Guinea, with the location of the Keveri Project...